Historic State Savings Bank Building to be Replaced by Parking Garage?

By Veronica Grecu, Associate Editor Canadian entrepreneur and real estate investor Andreas Apostolopoulos has caused quite a stir among architectural preservationists after revealing tentative plans to create more parking space in Detroit’s Financial District by tearing down one of the city’s historic buildings. Located at 151 Fort Street, the State Savings Bank structure was built [...]

Canadian entrepreneur and real estate investor Andreas Apostolopoulos has caused quite a stir among architectural preservationists after revealing tentative plans to create more parking space in Detroit’s Financial District by tearing down one of the city’s historic buildings.

Located at 151 Fort Street, the State Savings Bank structure was built in two separate phases in 1900 by McKim, Mead and White architects of New York; and 1915 by local architectural firm Donaldson and Meier in the Beaux Arts style that illustrates McKim’s work during that time. The building served as a bank for eight decades until 1980, when it was acquired by 151 Partnership and became the world headquarters of Silvers, Inc., an office supply company. In 1982 the State Savings Bank building was listed on the National Register of Historic Places.

As reported by Detroit Free Press, the building was purchased earlier this month by Triple Properties, a Toronto-based real estate company owned by Apostolopoulos. Triple Properties, which also owns the Pontiac Superdome and the iconic Penobscot Building located next to the State Savings Bank facility, paid $700,000 to Torre & Bruglio, a Pontiac-based contracting firm. According to the Free Press, Apostolopoulos is in the early phases of finding ways to create a parking garage within the bank building so that the façade would not be altered. The investor is ready to spend around $20 million in this project that would bring much-needed parking spaces to Downtown Detroit.

According to city regulations, Apostolopoulos would need to try to sell the building for a year before the Detroit Historic District Commission would approve the demolition.